The FINANCIAL -- Barclays has completed the sale of its Spanish life savings insurance portfolio to VidaCaixa, S.A.U. de Seguros y Reaseguros, part of CaixaBank.

As part of the agreement, c.25,000 insurance policies and c.€625m of insurance liabilities (together with their related assets) have transferred to the purchaser. Neither party will be disclosing further financial terms of the deal., according to Barclays.

Until early 2016 Barclays Vida y Pensiones Compañía de Seguros, S.A.U. (BVP) provided life insurance and pension products in Spain, Italy and Portugal.

In 2016, BVP sold its Spanish pensions assets and liabilities and its life risk insurance portfolio to VidaCaixa, following the sale of its Spanish retail operations to CaixaBank in 2015.

After the transfer, BVP will relinquish its insurance license in Spain. £0.2 billion of Risk Weighted Assets will be released from Barclays Non-Core following the sale of BVP’s portfolios, excluding a further £0.1 billion of RWAs previously announced and released as part of the sale of BVP’s Portuguese insurance portfolio to BankInter Vida in April 2016.

Commenting on the sale, Harry Harrison, Head of Barclays Non-Core, said: “We continue to be focussed on releasing capital and simplifying our portfolio as we move towards closing Barclays Non-Core at the end of June. The completion of this transaction continues our momentum and reflects the significant work our team has undertaken to make BVP assets an attractive proposition for VidaCaixa.

“I would like to thank our colleagues in BVP for their commitment and hard work during this process.”